H.R. 4001 (112th): To amend the Internal Revenue Code of 1986 to allow partnerships invested in infrastructure property to be treated as publicly traded partnerships, to reduce the depreciation recovery periods for such property, and for other purposes.

Mr. Campbell
introduced the following bill; which was referred to the
Committee on Ways and
Means

A BILL

To amend the Internal Revenue Code of 1986 to allow
partnerships invested in infrastructure property to be treated as publicly
traded partnerships, to reduce the depreciation recovery periods for such
property, and for other purposes.

1.

Incentives for infrastructure
investments

(a)

Infrastructure
income To be qualifying income for purposes of determining publicly traded
partnership status

(1)

In
general

Paragraph (1) of section 7704(d) of the Internal Revenue
Code of 1986 (defining qualifying income) is amended by redesignating
subparagraphs (F) and (G) as subparagraphs (G) and (H), respectively, and by
inserting after subparagraph (E) the following new subparagraph:

(F)

income and gains from the use, sale, or
exchange of infrastructure
property,

.

(2)

Infrastructure
property

Subsection (d) of section 7704 of such Code is amended
by adding at the end the following new paragraph:

(6)

Infrastructure
property

The term
infrastructure property means property which is part of any of the
following:

(A)

Roads and related
improvements.

(B)

Train tracks and
related improvements.

(C)

Airports.

(D)

Docks and
wharves.

(E)

Facilities for the
furnishing of water.

(F)

Sewage
facilities.

(G)

Solid waste
disposal facilities.

(H)

Facilities for the generation,
transmission, and distribution of electricity, including property described in
clause (iii) or (iv) of section 168(e)(3)(D).

(I)

Facilities for the
transmission and distribution of natural gas.

(J)

Communications
facilities.

For
purposes of subparagraphs (A) and (B), related improvements include bridges,
tunnels, and traffic control
equipment.

.

(b)

Expansion of
deduction for domestic production activities in the case of publicly traded
partnerships

(1)

Reduction for
oil related qualified production activities income not to apply

Paragraph (9) of section 199(d) of such
Code is amended by adding at the end the following new subparagraph:

(D)

Exception for
income from publicly traded partnerships

Subparagraph (A) shall not apply to income
derived from any publicly traded partnership (as defined in section
7704(b)).

.

(2)

Distribution and
transmission activities of a publicly traded partnership to be
eligible

Subparagraph (B) of section 199(c)(4) of such Code is
amended by adding at the end the following new flush sentence:

Clause
(ii) shall not apply to the activities of a publicly traded partnership (as
defined in section
7704(b)).

.

(c)

Infrastructure
property treated as 5-Year property

(1)

In
general

Subparagraph (B) of
section 168(e)(3) of such Code is amended by striking and at the
end of clause (vi), by striking the period at the end of clause (vii) and
inserting , and, and by inserting after clause (vii) the
following new clause:

(viii)

infrastructure property (as defined in
section
7704(d)(6)).

.

(2)

Conforming
amendments

(A)

Subparagraph (C) of section 168(e)(3) of
such Code is amended by striking clause (i) and by redesignating the succeeding
clauses accordingly.

(B)

Subparagraph (D)
of such section is amended by adding and at the end of clause
(i), by striking , and at the end of clause (ii) and inserting a
period, and by striking clauses (iii) and (iv).